Table 7 Network centrality and currency excess return with the controls
(1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
Dependent variable: currency excess return | |||||
Constant × 10−3 | − 2.002 (1.463) | − 0.967 (2.132) | − 0.529 (1.786) | − 1.159 (1.440) | − 0.998 (1.554) |
Centrality × 10−3 | 1.911 (4.338) | − 2.155 (3.326) | − 418.517*** (111.862) | − 0.018*** (0.004) | − 4.204* (0.231) |
Centrality × COVID19 | 0.017*** (0.002) | 0.022*** (0.004) | 2.781*** (0.322) | 0.054* (0.029) | 0.006 (0.005) |
Debt ratio × 10−3 | − 1.415 (6.271) | − 2.035 (6.381) | 0.774 (5. 901) | 0.092 (5.681) | 1.058 (5.686) |
Total debt ratio × 10−5 | − 0.842 (0.742) | − 0.733 (0.647) | − 0.044 (0.043) | − 0.068 (0.040) | 0.522 (0.421) |
Country FE | Yes | Yes | Yes | Yes | Yes |
No. of obs | 4329 | 4329 | 4329 | 4329 | 4329 |
Adj. R2 within | 0.010 | 0.007 | 0.014 | 0.002 | 0.002 |